What Does Fiduciary Mean In Estate Planning?
A person or entity that has a legal duty to act for another person, often a beneficiary. This term is generally associated with a trustee of a trust.
Example Of Fiduciary In Regards To Estate Planning
My uncle is the trustee of the trust my dad set up for my brother and I. I know there’s a lot of money in there so I asked him for money for a sport car, but he says he as a fiduciary duty to hold, invest and pay the assets out in our best interests and he doesn’t think a sports car is in my best interest.